BusinessAugust 20, 2026

remittances

ri-MIT-uhn-siz

Definition

Sums of money sent as payment or as a transfer of funds, specifically in this context referring to earnings sent by government-owned entities to the federal government.

Etymology

The word comes from the Latin 'remittere', meaning 'to send back' or 'to remit', and entered English in the 15th century to describe the act of sending money.

In the news

The article uses the term to explain how the federal government increased its independent revenue through money transferred by various state-owned agencies.

NAICOM Withdraws Universal Insurance Operating Licence

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Business Post Nigeria

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